West One has introduced a new sub-5% BTL five-year fixed-rate BTL loan.
The new product is priced at 4.8% with a 9.99% arrangement fee, and is stressed at pay rate to allow landlords to achieve higher LTVs.
With the addition of the new product, West One now has four fee categories — 2.5%, 4.99%, 7% and 9.99% — which aims to provide a range of options to suit different borrower profiles.
In addition, the lender has also cut rates by 38 bps across the majority of its limited-edition BTL range.
Its two- and five-year limited edition fixes now start at 4.9% and 4.8%, respectively.
Andrew Ferguson, managing director of BTL at West One (pictured above), commented: “Given the pace at which rates have risen over the past 18 months, many landlords are finding they cannot achieve the loan sizes they want when they come to purchase or remortgage.
“That is why we have introduced a new fee band, at 9.99%, which allows us to offer a much lower five-year fixed rate priced at 4.8%.
“The lower rate, combined with the fact we will stress this deal at pay rate means landlords without the required levels of capital can still achieve the LTV they need.
“We now have four different fee options for borrowers, each one coming with different rates, so we can cater for all types of borrower profiles.
“It’s important to provide brokers with choice currently to be able to support their clients’ individual circumstances in these challenging times."
